Hyundai Card announced on October 17 that it had signed a contract to sell its AI software, Universe, to Sumitomo Mitsui Card Company (SMCC), one of Japan’s top three credit card issuers. (Image courtesy of Hyundai Card)
SEOUL, Oct. 18 (Korea Bizwire) – Hyundai Card, a major South Korean credit card company, has successfully exported its proprietary artificial intelligence software to Japan, marking the first such international sale by a South Korean financial institution.
The company announced on October 17 that it had signed a contract to sell its AI software, Universe, to Sumitomo Mitsui Card Company (SMCC), one of Japan’s top three credit card issuers. While Hyundai Card did not disclose the exact value of the deal, it described it as being worth “tens of billions of won”.
Universe is a customer hyper-personalization AI platform developed in-house by Hyundai Card. It uses data science to predict individual behaviors, tendencies, and states through a system of “tags” that define and structure data. The platform can directly target customers and is applicable across various business sectors.
SMCC plans to implement Universe to improve personalized experiences for its cardholders, optimize merchant promotions, and apply the technology to credit operations, customer service, and fraud detection.
The Japanese firm’s decision to adopt Universe came after a rigorous six-month technical verification process with Hyundai Card. Sources indicate that other financial institutions worldwide, including affiliates within SMCC’s parent company, Sumitomo Mitsui Financial Group (SMFG), are considering implementing the platform.
An SMCC representative stated, “Through a thorough verification process, we confirmed that Hyundai Card possesses world-class data analysis and design capabilities, leading to our decision to adopt their technology.”
Hyundai Card views this export as a significant milestone, representing the first case of a South Korean financial company transitioning beyond traditional financial services.
A company spokesperson emphasized, “This export is meaningful as it demonstrates our evolution from a traditional financial company to a tech company, expanding overseas based on technology rather than conventional financial business or systems.”
The company also noted growing interest in data science collaborations from various regions, including North America, Europe, the Middle East, and Asia, suggesting an accelerated global expansion based on their data science capabilities.
Kevin Lee (kevinlee@koreabizwire.com)
